Price Analysis

Analyst Warns of Potential Ethereum (ETH) Price Pull Back!

Author: Sohrab Khawas

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    Bitcoin and other major cryptocurrencies have seen a strong start to 2023, reaching their highest levels in months as U.S. inflation has moderated. However, there have been some negative developments, such as Genesis, a crypto lender, filing for bankruptcy, and the Biden administration calling for greater regulation of bitcoin exchanges.

    Crypto specialists are now closely watching the first few weeks of February to determine if the January surge was a bear market rebound or a sign of brighter days ahead for ETH and bitcoin. However, some analysts warn of a potential pullback in the price of Ethereum.

    Cred, a well-known crypto strategist, has cautioned Ethereum holders about a possible correction due to the altcoin’s current market structure. He believes that if there is a flush lower, Ethereum could be vulnerable to prod or poke and that he would watch for a “triple higher low structure.”

    Regarding Bitcoin, Cred explains that the rally has stalled due to a shift in momentum and that similar price movements are unlikely at current levels. However, he notes that if Bitcoin recovers and reaches another high, it could have a positive impact on the market.

    Overall, while there have been some negative developments in the crypto world, it is still early in the year, and February could be favorable for both altcoins unless there is a significant asset class announcement.

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